ScS reopens with “strong balance sheet”
After “carefully considering recently updated Government guidelines and implementing enhanced health and safety policies and procedures”, ScS reopened 80 of its stores in England on 23rd May. The group’s distribution network has also reopened in England, allowing customer deliveries to recommence.
ScS’ 19 stores (and distribution networks) in Wales and Scotland remain closed.
ScS states that it has been building a strong balance sheet. As previously announced, the group drew down £12m from its revolving credit facility on 17th March, and says that as of 25th May, it held £48.3m in cash. ScS continues to review and reduce cash expenditure to protect its short-term liquidity.
“ScS is a resilient business, with a strong balance sheet, coupled with a flexible cost base, and is well positioned to navigate this event and return to growth when the economy recovers,” says CEO David Knight.